St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-06-15
THE COFFEE PANIC.
A Slightly Better State Of Affairs
Developed Yesterday.


NEW YORK, June 14.-At the first
call at the coffee exchange this morning
an excite crowd of brokers gathered
about the board The heavy buying of
yesterday did not notieeably appear to
the front. The, market was feverish
and uncertain. The sales recovered at
the first call, however, an advance on
an average Of L cent. The fiuctua-
lions were great, and wide range of
prices appeared Outside the rail was
a dense crowd. Inside the rail was eX-
element. Gables from HaVre showing
raise OF eighty points steadied the
market and infused q temporary life
into the crowd. Later q cable from.
Rotterdam saying holders were reluctant
to sell at present prices was receiyedi
with cheers :.
THELOCAL. SALES
on the first call were $500 bags. A
great deal of excitement is. manifested
as to the prospects of settlement of
Arnold u Co. and Maekay 81 Small
who went under yesterday When
Arnold said his firm. was not
prepared to make a. statement
for some days to GOMEZ However, they
had not heard from any of their custom
ers. Mr.. Small, of Mackay 81 Small,
said they were unable tO-funish a state
ment.. s'The- crisis is over" said Mr..
Small, land to-day I think We shall be-
able to pay dollar for dollar. Our GUS
TONERS viii not suffer by our loss The
street is full Of rum0rS Of trouble to
cSpe ut Chicago and Cincinnati, but:
t3egramS from those places deny them.
The situation thisa afternoon was marked
by none of the excitement Of yesterday.
But a small throng of brokers' were on
hand at the second call and business
was slow. After the first call there had
been an average decline of 45 points,.
March leading with a fall of 50 and Au-
gust doing better with a fall of 80 points.
Ordinarily such a drop would have
CAUSED A RUSH
of the brokers. but the wild excitement
of yesterday seemed to have taken away
the power of surprise. The sales up to
the second call We're III, $50 bags. A
still further decline was marked by the
bids of the. second call at I o'clock. The
table appended shows the falling Off in
prices bid at the second call January and
February. SIT .S5 to SIT so; March. April,
May and June, no bids: July, $3.50 to
$1,000; AuguSt,s17.5 80 to S17, September,
S11.55 to S1z.15;. October, St7.65 TO S11.30 :,
November, S1T.70 to- S17.40;- December,
$3.50 to S17.I. A cable from Havre-
showing a decline of I franc, OF about 20
points, was read after the second CALL.
The cable was dated 6 p. NJ. to-day. It
had depressing effect The prices of
settlement with B. e. Arnold & Co. as
rule by yesterday 'SSaleS are June de-
livery S15.33, July s15.47, August $3.50,
September S16.0s, October S16.T1, No
vember s16.34, December. S16.71,- Janu-
AIRY $3.50, February 1859, March
S17.O4, April s17.0F. he-figures- repre-
sent the centsper pound on which the.
settlement is to-be made After the
second call there was a reaction all
along the line. Transactions were. not
rapid, but the prices went up to about;
the same figures as the opening sale of
the call at IL O'Clock. No firms an
nounced suspension to-day. The clos
ing quotations showed an advance of
125 points OIL an average above yeSteT-
days, or AGENT and a quarter d pound.
The total sales were 209, 900 bags.